Polkadot Is Range Bound but Faces Rejection at the $5.70 High

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Key Resistance Levels: $60, $62, $64
Key Support Levels: $40, $38,$36

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is trading between levels of $5.34 and $6.17 as it faces rejection at the $5.70 high. The bottom price range of $5.34 was twice broken by the bears, but the bulls bought the dips. The price of Polkadot has risen above the 21-day SMA today, signaling a recovery. If the bullish trend persists, the altcoin will increase and rally above the 50-day line SMA. Buyers have been unsuccessful in maintaining the price above the 50-day SMA since the rejection on November 10 and 15. When buyers maintain the price above the moving average lines, the DOT price will rebound to its high of $7.41. The existing pricing range will remain between $5.34 and $6.17 in the interim.

Polkadot Is Range Bound but Faces Rejection at the $5.70 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The DOT price is at level 49 on the Relative Strength Index for period 14. It implies that there is an equilibrium between supply and demand. The altcoin is being pushed toward the positive trend zone by buyers. The price of the cryptocurrency is currently situated between the moving averages lines, suggesting that the coin may move in a range. The 50-day line and 21-day SMAs are sloping southward.


Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour chart, Polkadot is trading in the positive trend zone. The price of the cryptocurrency crossed above the moving average but faces rejection at the $5.70 high. The DOT price has moved back up over the 21-day SMA. If the current support persists, the upward trend will resume.

Polkadot Is Range Bound but Faces Rejection at the $5.70 High
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
The altcoin is declining and the daily Stochastic is below level 50. The selling pressure has produced a bearish fatigue. The price bars are below the moving average lines, indicating a continued upward movement.

General Outlook for Polkadot (DOT)
The price of Polkadot has been moving sideways between $5.34 and $6.17 as it faces rejection at the $5.70 high The altcoin will trend once the range-bound levels are broken. At $5.70 high, the upward tendency is impeded.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.